FBS Broker Review

IFSC Regulation: Ugandan traders will be trading with FBS Markets Inc, which is authorised and regulated by the IFSC in Belize. 

Safety Features: While the IFSC requires brokers to keep client funds in separate accounts and issue monthly statements to their clients, it does not require FBS to offer negative balance protection so traders can end up owing money to the broker. Nor does the IFSC require FBS to restrict leverage to protect its traders.

The account opening process is easy, hassle-free, and fast.

It took us about 5 minutes to open an account at FBS, and once we submitted our documentation, our accounts were ready for trading immediately. 

As a Ugandan trader, you are eligible to open an account at FBS as long as you meet the minimum deposit requirements.

Opening a live account at FBS is easy and fast. While FBS also offers Corporate Accounts and Joint Accounts we will focus on opening an Individual Account:

1. Initially, you will need to click on “Open Account” and register your name and email address.
2. Thereafter, you will choose between a Real or a Demo Account.
3. Next, you will have to fill in your full name, phone number, email address, and date of birth. You will also have to choose your base currency, platform, and leverage.
   
4. Once this step is complete, FBS needs at least two documents to accept you as an individual client:
   • Proof of Identification – current (not expired) coloured scanned copy (in PDF or JPG format) of your passport.
   • If no valid passport is available, a similar identification document bearing your photo, such as an ID card or driving licence, will work.
5. Once this step is complete, you must make at least the minimum required deposit for your chosen account using one of FBS’s deposit methods. 
6. Your documents will be checked by the verifications department within 48 hours. Any deposits will be credited to the account only after your documents have been approved and your personal area is fully activated.
7. We advise you to read FBS’ risk disclosure, customer agreement, and terms of business before you start trading.

Overall, the account opening process at FBS is hassle-free, and accounts are generally ready for trading in 48 hours. 

With FBS, traders can trade a limited selection of Forex, stock CFDs, indices, energies, metals and cryptocurrencies.

High leverage: FBS offers some of the highest leverage levels available at any broker – up to 3000:1 on some of its account types. It also only requires a minimum deposit of 1 to 5 USD on its commission-free accounts, which in combination with the high leverage makes it difficult to hold a substantial trading position without getting stopped out and losing the money in your trading account.

FBS is unusual amongst brokers because it offers a single account type, whereas most brokers will offer two or more. Trading costs are average on the single account, and the minimum deposit is low, at USD 5.

We opened and tested FBS’ account:

Standard Account

The single Standard Account is a commission-free account with a minimum deposit of 5 USD, variable spreads that average at 0.7 pips (EUR/USD), which is below average compared to similar brokers, and leverage of up to 3000:1. 

In line with Anti-Money Laundering policies, deposits and withdrawals at FBS cannot be made to/from third-party accounts.

Trading Account Currencies: We were disappointed to find that although deposits can be made in most national currencies, they are subsequently converted into USD and EUR. Because FBS does not support accounts denominated in UGX, Ugandans will have to pay conversion fees on all deposits and withdrawals.

Deposit and Withdrawal Fees: FBS does not charge for making deposits to a live trading account, but it charges fees for withdrawals under certain conditions. Deposits made via electronic payment systems are processed instantly, and deposit requests via other payment systems are processed within 1-2 hours.

FBS Trader

We quickly realised that the FBS Trader app is not a trading platform but a portal that allows traders to manage their MT4 and MT5 platforms from a mobile device or tablet. We were pleased to see that the FBS Trader App is now also available on iOS, whereas previously, it was only available for Android devices. 

FBS Trader Features

We enjoyed how easy it is to use the FBS Trader app. After you register an account, it takes you through a tutorial to help you easily navigate the platform. The app also has an intuitive home screen and a sophisticated dashboard that allows you to easily skip between a real or demo account. The app allows you to view educational videos, has an integrated economic calendar, and allows you to contact customer support. Traders can also track real-time stats, open/close/edit positions, add stops to open positions and delete working orders.

FBS MT4/MT5 Mobile Trading App

FBS offers support for MT4 and MT5 mobile trading apps for Android and iOS. Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.

With both MT4 and MT5 available, FBS’ platform support is average. 

MT4 and MT5

The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browsers.

Under its trading tools section, FBS lists an Economic Calendar, a Trading Calculator, and a Currency Converter, which are all fairly standard. It also offers a VPS service for traders with a higher minimum deposit.

VPS

FBS offers a VPS service to traders who deposit more than 450 USD and who trade three lots within the first month of use. Traders who do not trade these volumes will be charged a fee of 33 USD per month to use the service, which is around the industry average. 

VPS hosting allows traders to run automated algorithmic strategies, including expert advisors 24 hours a day 7 days a week on a virtual machine. VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges.

FBS’ market research is average compared to most other large international brokers.

The FBS Market Analysis is divided into technical and fundamental analyses. The technical analysis is somewhat limited, but the fundamental analysis is more detailed and offers Forex traders basic coverage of key topics.

Market analysis materials at FBS are free of charge for all visitors, and are divided into three separate sections:

• Forex News – A regular news feed of the day’s important events that will have fundamental effects on Forex trades. It is concise, updated frequently, and well written.
• Daily Market Analysis – Here you will find short analytical articles on the day’s events, which is very useful for new traders.
• Forex TV – a collection of videos on everything from suggested trading plans for the week ahead to historical webinars. The trading plans, in particular, are beneficial for new traders.

Overall, FBS offers a range of market analysis materials that are useful for traders of all experience levels, but it is not as comprehensive as what other brokers offer.

The education section at FBS is well-structured and well-organized, and all material is free. Education is split into five sections:

Forex Guidebook – the core of the education section, this is one of the better guides to Forex trading we have seen. It is split into chapters for Beginner, Elementary, Intermediate, and Experienced traders. This guidebook will be useful in some form for almost all readers.

Tips for Traders – a frequently updated blog with useful posts covering various aspects of trading in an erudite and informal format. Recent blog posts include Triple Screen Trading Strategy and Bill Williams Fractals Indicator.

Webinars – includes a schedule and register of upcoming webinars. FBS holds webinars weekly from its office in Moscow, and registration is a simple procedure.

Video Lessons – as you would expect, this is a collection of short videos covering various aspects of Forex trading – good for those who prefer watching to reading, but not as comprehensive as the Guidebook

Glossary – FBS offers a good glossary of Forex terms.

Overall, the education section at FBS is more comprehensive than the material that is available at other brokers.

Customer service is available in multiple languages, 24/7 – which is exceptional for an industry where the standard is 24/5. Support is available by email, live chat, and social media, in 14 different languages.

We found the customer service responsive, polite, and resourceful. They were able to answer all our questions satisfactorily.